Schrader Commercial Properties is a company that offers personalized service to both property owners and tenants and during the course of our engagement you will likely work with several of our employees through our team approach to customer relations.
Our day to day property management point-of-contact is our property manager, Melinda Wester. Melinda brings more than 20 years of administrative, customer service and property management experience to our company. She makes frequent site visits to assess maintenance issues and can assist owners and tenants with repairs and improvements to keep properties in prime condition.
Our office manager, Kay Stewart, has over 25 years of business experience in the accounting, legal and property management departments of a large restaurant franchisee. She has an outstanding work ethic and is known by our tenants, property owners and vendors for her high level of customer service.
Your property will also be supported by Josh Nelson our full time maintenance technician who will be on call 24 hours per day. Jamie Schrader will be working jointly with Melinda, Kay and Josh and will be on site regularly to speak with property owners about building issues and will personally handle all leasing. We know from previous experience that commercial property issues occur in the middle of the night, on weekends and on holidays and we are staffed to respond and have responded to emergencies 24 hours per day, 7 days per week.
Schrader Commercial Properties management responsibilities principally involve commercial office buildings and work as a court appointed receiver on commercial properties. The company manages 151 and 161 North Eagle Creek Office Drive, a 70,000 square foot office building complex across from St. Joseph East Hospital. Recently we were engaged by Your Community Bank to manage all of its headquarters building on Sir Barton Way as well as its branch locations.
Previously, Schrader managed a Frankfort Shopping Center owned by American Founders Bank consisting of a strip shopping center and an adjacent state office building. Schrader Commercial Properties was successful in selling both the Frankfort shopping center and state office building. In 2011 we worked as the receiver on a 27-unit apartment project on Lakeshore Drive which converted to a property management assignment on behalf of City National Bank (Los Angeles) as part of an FDIC covered asset program. Schrader Commercial eventually sold the property as the agent of City National Bank. Also in 2011, Schrader completed an assignment as the court appointed receiver for the Heritage and Canterbury Apartments, a 244-unit apartment complex at Richmond Road and Lakeshore Drive. The receiver assignments involve recommendations from lenders and approvals from the court and require the immediate takeover of mismanaged and troubled assets.
Accurate, detailed and timely financial reporting is a critical component of quality property management. You will receive by the 15th of each month, emailed to whomever you designate, the following information:
- Copy of all cancelled checks
- General ledger with sufficient detail to show every check written, dollar amount, payee and purpose.
- Copy of Bank Statement and Reconciliation of Bank Statement
- Balance Sheet and Income Statement
- Comparison of Income Statement to Budget
- Current Rent Roll
- Delinquency Report
- Narrative Report addressing any property management issues or ongoing projects at the property.
- Information on leasing prospects and lease renewal discussions.
- Market information that would be useful to use in assessing its overall investment.
Financial controls will be implemented to provide necessary assurances that quality reporting exists and to meet the owner’s requirements. All checking accounts will be single purpose accounts solely for the management of the property and there will be no commingling in the account of other deposit funds. Approvals for expenditures will be in accordance with policies set by you and will be followed closely by Schrader Commercial Properties.
You will benefit by having Schrader Commercial Properties available 24 hours per day, 7 days per week, and 365 days per year to handle property emergencies. We use an efficient work order system which allows tenants or property owner to email us regarding any property management matters and we also are available by phone. Our personnel will be on site on a regular basis and highly visible to the property owners and tenants, particularly during the initial transition period.
Our complete duties and responsibilities are outlined in more detail in our management agreement.
In marketing the property, we will provide the following at our expense:
- Attractive, eye catching signage advertising the property for lease on both the roadway and in the vacant spaces.
- Obtain professional photographs to use in the marketing of the property.
- List the property on the Schrader Commercial Properties, LLC website at www.schradercommercial.com and provide “marquee billing “on the website.
- List the property on Loopnet and Costar, national real estate websites listing commercial properties. Schrader Commercial is a preferred subscriber to both of these websites.
- Prepare a high quality brochure for use as an electronic mailing with hard copies available as well.
- Send out email blasts to the entire Lexington commercial real estate investment community and brokerage community advertising the property for lease.